Who Solves the Math Problems?

The math problems are solved by people called miners. When they put together the different transactions, this results in a math problem that needs to be solved. This all requires supercomputers that cost a lot of money and energy.

The miners are also charged with ensuring that every transaction is legitimate. They can monitor whether the sender has the sufficient number of coins in their online wallet. The miners are rewarded for their hard work with coins or transaction fees.

Are They Safe and Secure?

When it comes to finances and money, security is always at the forefront of any investors thinking. There are many security procedures in place that ensures that each transaction is secure within the network. After all, the blockchain technology makes any tampering impossible.

If you’re more worried about your personal security. It’s important to know that each cryptocurrency owner has a so-called wallet with a private key. Only you have access to this.

What are the Different Cryptocurrencies?

There are hundreds of different cryptocurrencies out there, however, some have emerged as the most popular. Let’s have a look at the top 2 cryptocurrencies on the market.

1. Bitcoin

If you’ve only ever heard of one cryptocurrency, it’s almost certainly going to be Bitcoin (BTC). This is the original and market leader.

Bitcoin has established itself as the most well-known and valuable cryptocurrency. Many people have become very rich as a result of Bitcoin.

As a result, an increasing number retailers, from the online giant Amazon to small pizza places, now accept Bitcoin as payment.

2. Ethereum

After the Bitcoin, the other cryptocurrency that has garnered media attention is Ethereum (ETH).

The aim of Ethereum is not to become a replacement currency, but rather for companies to use contracts and applications on the blockchain technology.